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I don't think the way it works is that every blockchain transaction of value X requires an equivalent cost X (denominated in USD) of electricity usage and hardw

I don't think the way it works is that every blockchain transaction of value X requires an equivalent cost X (denominated in USD) of electricity usage and hardware depreciation.

vkou 5y ago
... Right. Duh. If this was simply a surprise pay-day for miners (as opposed to the real cost of running the network), you are right, in that extent. In that case, yes, from a productivity & resource usage point of view, this wasn't a waste of $200 million.